Sterling holds its ground

Sterling held it's ground yesterday while other currencies faltered. Sterling gained against the New Zealand dollar after disappointing retail sales in New Zealand fed hype that interest rates may stay on hold. Enthusiasm over the rescue package for Greece continued to wane as did the Euro even though industrial production was up by 0.9% in February, a cent higher this morning compared to yesterday morning against Sterling.

There was positive US data yesterday in the form of retail sales, which rose 1.6% in March, the US consumer price index rose 0.1% in March and business inventories rose 0.5% in February however, the positive data fuelled risk appetite as the US Dollar was sold in favour of the Aussie Dollar.

The main data release from the US was the Fed's Biege book which reported that all but one region reported greater economic and manufacturing activity in March to early April.
There is more US data today including the Empire manufacturing PMI, initial jobless claims and industrial claims while from the UK the latest consumer confidence is released from the Nationwide.